North Carolina Down Payment Support Programs

Online Payments - These systems are the Mortgage Credit Certificate and also the Down Payment Assistance System.

If you qualify for one of these plans and you buy a property and December 1, 2009, you may also be eligible for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a first-time Home Buyer? A first-time Home Buyer is someone who has not owned a house in the past three years. Here is precisely the same qualifying definition.

All home owners can claim an itemized deduction.

Should you are eligible for the MCC, it is possible to claim 20% of the interest you pay as a credit on your federal income taxes on your mortgage. It is possible to save up to .

Should you qualify for 2009, for the MCC, you'll find a way to join this. This may reduce the tax liability of a buyer's .

Who qualifies for an MCC is based on the cost of the property as well as your income you're purchasing. Household income means the “gross income of the mortgagor and every other man expected to live in the residence who is 18 years old or older.”

The income and house price limits that apply in Orange, Durham and Chatham Counties are listed below.

MCC Income Limits 1 Person $61,500 2 Persons $61,500 3 Persons $70,500 4 Individuals $70,500

MCC Sales Cost Limitations New Dwelling $220,000 Existing House $210,000

Who Qualifies for Down Payment Assistance?

The customer only has to pay and the load would pay around $8,000 of the remaining balance.

This program has more stringent income limitations than the MCC program summarized above. Like the MCC program, it may be used together with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment help, nevertheless, cannot be applied along with all the MCC. It is an either or situation.

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Persons $45,650 3 Men $51,350 4 Men $57,050

Down Payment Support Sales Cost Limits New House $210,000 Existing Home $210,000